Barnwell Industries Reports Results for the First Quarter ended Dec. 31, 1998.HONOLULU--(BUSINESS WIRE)--February 12, 1999--Barnwell Industries, Inc., (ASE (Adaptive Server Enterprise) A relational DBMS from Sybase that runs on Windows NT/2000, Linux and a variety of Unix platforms. ASE is a comprehensive and robust data management product with a long history dating back to the late 1980s. :BRN BRN Brunei (ISO Country code) BRN Brown BRN Berne, Switzerland - Belp (Airport Code) BRN Board of Registered Nursing BRN Bulk Richardson Number (meteorology) ) today reported net earnings of $50,000 ($0.04 per share) for the three months ended Dec. 31, 1998, as compared to $120,000 ($0.09 per share) for the three months ended Dec. 31, 1997. Morton H. Kinzler, chairman and chief executive officer of Barnwell, commented, "Net earnings declined due principally to 45%, 30% and 4% decreases in natural gas liquids, oil, and natural gas prices, respectively. In addition to these price decreases, natural gas production declined 9% owing to owing to prep. Because of; on account of: I couldn't attend, owing to illness. owing to prep → debido a, por causa de production declines at Dunvegan and other properties and to certain gas gathering system workovers at Dunvegan, the company's principal natural gas property, which have since been completed. These decreases were partially offset by a 19% increase in oil production from new wells, and an increase in profits generated by the company's contract drilling segment as two water well drilling Well drilling is the process of drilling a hole in the ground for the extraction of a natural resource such as ground water, natural gas, or petroleum. Drilling for the exploration of the nature of the material underground (for instance in search of metallic ore) is best described rigs were operating concurrently in the current quarter. "We are optimistic about the longer term outlook for oil and natural gas prices, particularly natural gas. A new pipeline capable of delivering one billion cubic feet per day of additional capacity from Western Canada
Western Canada, commonly referred to as the West to the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. has been completed, and is now delivering natural gas. This should assist Canadian gas prices to approach the higher U.S. gas prices. Additionally, the company has an inventory of undeveloped oil and natural gas acreage and is pursuing opportunities for developing superior prospects. "The outlook for the contract drilling segment looks favorable for fiscal 1999 as the company was recently awarded a subcontract to drill an 11,000-foot continuous core of earth on the flank of the Mauna Kea Mauna Kea (mou`nə kā`ə), dormant volcano, 13,796 ft (4,205 m) high, in the south central part of the island of Hawaii. It is the loftiest peak in the Hawaiian Islands and the highest island mountain in the world, rising c. volcano in Hilo, Hawaii Hilo (pronounced IPA: /ˈhiːloʊ/) is a coastal city in the State of Hawaiʻ . The company expects to begin drilling in the spring of 1999 and complete the project in late calendar 1999." -0-
COMPARATIVE OPERATING RESULTS
(Unaudited)
Quarter ended
Dec. 31,
1998 1997
Revenues $ 3,300,000 $ 3,370,000
Net earnings $ 50,000 $ 120,000
Net earnings per share $ 0.04 $ 0.09
Weighted average shares and
equivalent shares outstanding 1,316,952 1,325,504
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